German American Bancorp, Inc 8-K, filed Jul 29, 2024

German American Bancorp, Inc. (GABC)

8-K 2024-07-29 For: 2024-07-29

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Added on April 04, 2026

About this 8-K

German American Bancorp, Inc filed this 8-K on July 29, 2024.

Items reported

Item 2.02: Financial results
Item 8.01: Other events
Item 9.01: Financial statements and exhibits

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001-15877		35-1547518
(Commission File Number)		(IRS Employer Identification No.)

711 Main Street
Jasper, Indiana		47546
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		GABC		Nasdaq Global Select Market

	Exhibit No.	Description

	99.1	Press release, dated July 29, 2024, issued by German American Bancorp, Inc.

	GERMAN AMERICAN BANCORP, INC.

Date: July 29, 2024	By:	/s/ D. Neil Dauby
		D. Neil Dauby, Chairman and Chief Executive Officer

End of Period Loan Balances (dollars in thousands)	6/30/2024		3/31/2024		6/30/2023
Commercial & Industrial Loans	$	664,435	$	646,162	$	669,137
Commercial Real Estate Loans		2,172,447		2,148,808		2,021,109
Agricultural Loans		413,742		400,733		395,466
Consumer Loans		424,647		421,980		389,440
Residential Mortgage Loans		368,997		361,236		355,329
	$	4,044,268	$	3,978,919	$	3,830,481

Non-performing Assets (dollars in thousands)	6/30/2024		3/31/2024		6/30/2023
Non-Accrual Loans	$	6,583	$	9,898	$	11,423
Past Due Loans (90 days or more)		706		85		1,000
Total Non-Performing Loans		7,289		9,983		12,423
Other Real Estate		33		—		—
Total Non-Performing Assets	$	7,322	$	9,983	$	12,423

End of Period Deposit Balances (dollars in thousands)	6/30/2024		3/31/2024		6/30/2023
Non-interest-bearing Demand Deposits	$	1,448,467	$	1,463,933	$	1,540,564
IB Demand, Savings, and MMDA Accounts		2,984,571		2,918,459		3,056,396
Time Deposits < $100,000		348,025		328,804		256,504
Time Deposits > $100,000		532,494		508,151		326,241
	$	5,313,557	$	5,219,347	$	5,179,705

	6/30/2024 Ratio			3/31/2024 Ratio			6/30/2023 Ratio
Total Capital (to Risk Weighted Assets)
Consolidated		16.78	%		16.57	%		16.06	%
Bank		14.52	%		14.53	%		14.50	%
Tier 1 (Core) Capital (to Risk Weighted Assets)
Consolidated		15.19	%		14.97	%		14.50	%
Bank		13.72	%		13.73	%		13.76	%
Common Tier 1 (CET 1) Capital Ratio (to Risk Weighted Assets)
Consolidated		14.49	%		14.27	%		13.78	%
Bank		13.72	%		13.73	%		13.76	%
Tier 1 Capital (to Average Assets)
Consolidated		11.92	%		12.01	%		11.44	%
Bank		10.78	%		11.02	%		10.87	%

	Quarter Ended							Quarter Ended							Quarter Ended
	June 30, 2024							March 31, 2024							June 30, 2023
	Principal Balance		Income/ Expense		Yield/ Rate			Principal Balance		Income/ Expense		Yield/ Rate			Principal Balance		Income/ Expense		Yield/ Rate
Assets
Federal Funds Sold and Other Short-term Investments	$	180,595	$	2,383		5.31	%	$	22,903	$	299		5.25	%	$	54,228	$	660		4.88	%
Securities		1,505,807		11,224		2.98	%		1,595,700		11,537		2.89	%		1,667,871		12,094		2.90	%
Loans and Leases		4,022,612		59,496		5.95	%		3,972,232		58,067		5.88	%		3,787,436		52,350		5.54	%
Total Interest Earning Assets	$	5,709,014	$	73,103		5.14	%	$	5,590,835	$	69,903		5.02	%	$	5,509,535	$	65,104		4.74	%

Liabilities
Demand Deposit Accounts	$	1,421,710						$	1,426,239						$	1,545,455
IB Demand, Savings, and MMDA Accounts	$	3,049,511	$	14,006		1.85	%	$	2,969,755	$	12,823		1.74	%	$	3,118,225	$	10,035		1.29	%
Time Deposits		881,880		9,379		4.28	%		806,976		8,166		4.07	%		546,982		3,322		2.44	%
FHLB Advances and Other Borrowings		182,960		2,221		4.88	%		196,348		2,275		4.66	%		177,146		1,899		4.30	%
Total Interest-Bearing Liabilities	$	4,114,351	$	25,606		2.50	%	$	3,973,079	$	23,264		2.36	%	$	3,842,353	$	15,256		1.59	%

Cost of Funds						1.80	%						1.67	%						1.11	%
Net Interest Income			$	47,497						$	46,639						$	49,848
Net Interest Margin						3.34	%						3.35	%						3.63	%

Non-interest Income	Quarter Ended			Quarter Ended		Quarter Ended
(dollars in thousands)	6/30/2024			3/31/2024		6/30/2023
Wealth Management Fees	$	3,783		$	3,366	$	2,912
Service Charges on Deposit Accounts		3,093			2,902		2,883
Insurance Revenues		1,506			2,878		2,130
Company Owned Life Insurance		525			441		429
Interchange Fee Income		4,404			4,087		4,412
Other Operating Income		39,536			1,362		1,462
Subtotal		52,847			15,036		14,228
Net Gains on Sales of Loans		969			751		630
Net Gains (Losses) on Securities		(34,893	)		35		38
Total Non-interest Income	$	18,923		$	15,822	$	14,896

Non-interest Expense	Quarter Ended		Quarter Ended		Quarter Ended
(dollars in thousands)	6/30/2024		3/31/2024		6/30/2023
Salaries and Employee Benefits	$	20,957	$	21,178	$	20,103
Occupancy, Furniture and Equipment Expense		3,487		3,804		3,443
FDIC Premiums		710		729		687
Data Processing Fees		3,019		2,811		2,803
Professional Fees		3,462		1,595		1,614
Advertising and Promotion		909		1,138		1,261
Intangible Amortization		532		578		734
Other Operating Expenses		4,598		4,905		5,081
Total Non-interest Expense	$	37,674	$	36,738	$	35,726

	w.	with respect to the Merger: (i) failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), or the failure of either company to satisfy any of the other closing conditions to the transaction on a timely basis or at all; (ii) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; and (iii) the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, unexpected credit quality problems of the acquired loans or other assets, or unexpected attrition of the customer base of the acquired institution or branches, or as a result of the strength of the economy, competitive factors in the areas where German American and Heartland do business, or as a result of other unexpected factors or events; and

	x.	other risk factors expressly identified in German American’s cautionary language included under the headings “Forward-Looking Statements and Associated Risk” and “Risk Factors” in German American’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by German American with the SEC.

GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)

Consolidated Balance Sheets

GERMAN AMERICAN BANCORP, INC.
(unaudited, dollars in thousands except per share data)

Consolidated Statements of Income

	Three Months Ended							Six Months Ended
	June 30, 2024			March 31, 2024		June 30, 2023		June 30, 2024			June 30, 2023
INTEREST INCOME
Interest and Fees on Loans	$	59,230		$	57,826	$	52,202	$	117,056		$	101,263
Interest on Short-term Investments		2,383			299		660		2,682			1,005
Interest and Dividends on Investment Securities		9,964			10,133		10,652		20,097			21,735
TOTAL INTEREST INCOME		71,577			68,258		63,514		139,835			124,003

INTEREST EXPENSE
Interest on Deposits		23,385			20,989		13,357		44,374			22,328
Interest on Borrowings		2,221			2,275		1,899		4,496			4,408
TOTAL INTEREST EXPENSE		25,606			23,264		15,256		48,870			26,736

NET INTEREST INCOME		45,971			44,994		48,258		90,965			97,267
Provision for Credit Losses		625			900		550		1,525			1,650
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		45,346			44,094		47,708		89,440			95,617

NON-INTEREST INCOME
Net Gains on Sales of Loans		969			751		630		1,720			1,217
Net Gains (Losses) on Securities		(34,893	)		35		38		(34,858	)		40
Other Non-interest Income		52,847			15,036		14,228		67,883			28,606
TOTAL NON-INTEREST INCOME		18,923			15,822		14,896		34,745			29,863

NON-INTEREST EXPENSE
Salaries and Benefits		20,957			21,178		20,103		42,135			41,949
Other Non-interest Expenses		16,717			15,560		15,623		32,277			31,393
TOTAL NON-INTEREST EXPENSE		37,674			36,738		35,726		74,412			73,342

Income before Income Taxes		26,595			23,178		26,878		49,773			52,138
Income Tax Expense		6,065			4,156		4,755		10,221			9,208

NET INCOME	$	20,530		$	19,022	$	22,123	$	39,552		$	42,930

BASIC EARNINGS PER SHARE	$	0.69		$	0.64	$	0.75	$	1.33		$	1.45
DILUTED EARNINGS PER SHARE	$	0.69		$	0.64	$	0.75	$	1.33		$	1.45

WEIGHTED AVERAGE SHARES OUTSTANDING		29,667,770			29,599,491		29,573,042		29,633,631			29,540,425
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		29,667,770			29,599,491		29,573,042		29,633,631			29,540,425

(1)	Average Tangible Equity is defined as Average Equity less Average Goodwill and Other Intangibles.
(2)	Efficiency Ratio is defined as Non-interest Expense less Intangible Amortization divided by the sum of Net Interest Income, on a tax-equivalent basis, and Non-interest Income less Net Gains (Losses) on Securities.
(3)	Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income.
(4)	Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Other Real Estate Owned.
(5)	Non-performing loans are defined as Non-accrual Loans and Loans Past Due 90 days or more.
(6)	Loans 30-89 days past due and still accruing.